This time, the CBDT has notified the new ITR forms well in advance before the commencement of the tax filing season, providing an opportunity to tax payers to avoid last minute hassles in return filing. The new ITR forms for all categories of taxpayers for assessment year 2017-18 were notified vide Notification No. 21/2017 dated 30 March 2017. Read More

By proposing a series of amendments aimed at less cash transactions, it is, invariably gearing towards promoting a less cash economy as well as curbing generation and circulation of black money. In this article, we are presenting those proposed amendments for your knowledge so that you can plan your transactions to continue enjoying tax benefits. The list of amendments is as follows: Read More

As per existing provisions of the Income Tax Act, income chargeable under the head ‘Capital gains’ is computed by taking into account the amount of “full value of consideration” (FVC) received or accrued on transfer of a capital asset. Read More

Two years ago, Sameer got an exciting opportunity and he switched job. While joining the new company, he was asked to share his previous PF account number so that same could be transferred or else open a new PF account with new employer. Sameer envisaged some funds requirement near the year end, so he decided to use the existing PF and open a new PF account. Few months later, he realized he forgot to withdraw previous PF balance. He later came to know that the account has become inoperative!Read More

Though I have read this term “carbon credit” many times, but since it was never a subject of significance to me, I never attempted to understand them. But while reading the proposed tax amendments in Budget 2017-18, proposal to tax income from carbon credits at 10% as mentioned above, ignited in me a curiosity to learn about them. Yes, it is time to unveil them.

I read many articles and felt like sharing my understanding with my readers. Read More

Union Budget 2017-18 has proposed certain modifications in the tax structure for certain categories of assessees. We have presented the proposed changes for following categories of assessees referred below:

“This (demonetisation) is not an end. I have more projects in mind to make India corruption-free. We will take action against ‘benami’ property. This is major step to eradicate corruption and black money”